Adopting a similar plan of 2001, the Korean government has designated three new high-tech industrial complexes in metropolitan cities, such as Seoul, in 2012, and another six in 2015. "We believe the six sites we've confirmed can create 36,000 jobs and invite 10.5 trillion won [US$9.8 billion] in investment," said D
Adopting a similar plan of 2001, the Korean government has designated three new high-tech industrial complexes in metropolitan cities, such as Seoul, in 2012, and another six in 2015.
"We believe the six sites we've confirmed can create 36,000 jobs and invite 10.5 trillion won [US$9.8 billion] in investment," said Deputy Prime Minister Hyun Oh-Seok in a press briefing. "The other three would also be economically beneficial."
The government plans to lower the rent and revise related rules for more effective use of the complexes, allowing industrial and other public service and service providers to operate.
Revised regulatory highlights include:
* Hotels to be allowed near schools
* Rules on chemical use to be eased
* Agricultural exports to be hiked
This is also likely to benefit Korean Air, which has long planned to establish a luxury hanok-style hotel near Gyeongbok Palace in central Seoul.
Bok Deuk-Kyu, a researcher at Samsung Economic Research Institute, said the new complexes focus on services or R&D rather than on manufacturing, and the demand for them could be high if new technologies flourish and people pay more attention to venture startups.
"There may be some demand from the mobile industry that is growing," Bok said. "But we are still in an era of low growth. The government will have to try to increase both supply and demand by supporting new businesses or technology development."